Purchasing a second passport or investing in citizenship by investment program is becoming increasingly popular. In a more globalized world, the desire to travel quickly and easily, to conduct cross-border business with ease, and to live in places other than your home country, is growing. A number of countries including Malta, Cyprus, St Lucia, and St Kitts and Nevis have started offering citizenship in return for investment in their economy.
But why would someone need a second passport? Here are nine reasons:
Having a second passport gives you the freedom to move and gives you rights equal to other citizens of that country. It can offer enhanced freedom of expression, equality, movement, education, and general freedom to live the life that you choose. Second passports offer the chance to those coming from less fortunate countries to have the same rights.
Ease of travel
A second passport gives the holder the ability to travel without visas or with minimal visa procedures. If you buy an EU passport, it can also allow free movement in the EU and Schengen Area. This is a huge advantage for those from countries with limited visa and passport reciprocity or other diplomatic issues.
If your country is politically or socially unstable, it is wise to have a plan b passport. This can provide you with protection and a place to go, should things deteriorate in your home country. Not only that but it can protect your family as well. Having an EU passport gives you the right to easily live in over 30 different, stable, and peaceful countries.
If your home country doesn’t have a stable economy, it can be precarious as a high net worth individual with multiple business interests. If the currency is fluctuating and interest rates and inflation are unfavorable, a second passport could be the answer. Countries in the EU and that offer second passports have stable economies. This gives security and surety for your personal finances and interests.
Operating in an EU member state and holding an EU passport opens up a world of cross-border yet borderless business opportunities. Holding a favorable second passport can make incorporation and all sorts of business transactions significantly easier.
There are a number of countries in the world that are at war or where living is dangerous. Life doesn’t have to be like this. You can purchase a second passport for a safer country and have confidence that you and your family can live in safety.
Different countries have different standards of education. As parents, we want the best for our children but sometimes visas and residence restrictions can stop them from attending the best institutions. With a second passport, you can pick and choose where to send your child. This means you can pick from the best in the world, not just the best in your country. In some countries, education is free including at the university level so there can be tremendous benefits to obtaining a passport there.
A number of countries that offer second citizenship, also allow that to be passed down through descendants. That means future generations of your family will automatically be citizens of that country and can enjoy the benefits. This is a legacy strategy that transcends trusts and foundations.
Let’s be honest, having a second passport, particularly to a first world country is something to be proud of. Having the means to purchase it means you are an HNWI and a member of a very exclusive club. Adding additional passports to a portfolio is a hobby for some and the benefits are just an added bonus. A second passport is the ultimate calling card which is also so much more than just a superficial document.
To find out about purchasing a second passport contact Fast Offshore today. We can advise which country is the best option for you and we can take care of the application process on your behalf. With over 22 years of experience in jurisdictions on every continent, we can give you the helping hand you need. If you feel a second passport is the right choice for you and your family, we’re waiting to hear from you.